Federal Share Insurance

“Backed by the full faith and credit
of the U.S. Government”

Understanding your share account insurance,
how it is funded, and how you can
maximize your coverage.

Spokane Law Enforcement Credit Union is insured by the National Credit Union Share Insurance Fund (NCUSIF), an arm of the National Credit Union Administration. (NCUA) Credit Unions that are insured by the NCUSIF must display in their offices the official NCUA insurance sign displayed to right.

Here are some important facts about your share insurance:

            Not one penny of insured savings has ever been lost by a member of a federally insured credit union.

            As a member of an insured credit union, you do not pay directly for your share insurance protection. Your credit union pays into the NCUSIF a deposit, and an insurance assessment, based on the total amount of insured shares and deposits in the credit union.

            Most properly established share accounts in federally insured credit unions are insured up to the Standard Maximum Share Insurance Amount (SMSIA), which is $250,000 per ownership category (coverage was increased from $100,000 to $250,000 by Act of Congress through 2009). Deposit accounts maintained in different legal ownership categories (such as individual or joint accounts) are insured separately. All of the accounts in each category in any one institution are added together and generally insured up to $250,000.

            You may obtain additional separate coverage on multiple accounts, but only if you have different ownership interests or rights in different types of accounts and you properly complete account forms and applications. We have enclosed some examples below for your viewing.

HUSBAND AND WIFE:

INDIVIDUAL ACCOUNTS:

Husband                                              $ 250,000

Wife                                                    $ 250,000

JOINT TENANCY: *

Husband & Wife                                  $ 500,000

REVOCABLE TRUST ACCOUNTS:

Husband as Trustee for Wife                $ 250,000

Wife as Trustee for Husband                $ 250,000

CERTAIN RETIREMENT ACCOUNTS:

Husband                                              $ 250,000

Wife                                                    $ 250,000

                                                           $2,000,000

* Joint accounts with rights of survivorship

HUSBAND, WIFE and one child:

INDIVIDUAL ACCOUNTS:

Husband                                              $ 250,000

Wife                                                    $ 250,000

JOINT TENANCY: *

Husband & Wife                                  $ 500,000

PAYABLE ON DEATH ACCOUNTS (POD):

Husband POD Child                            $ 250,000

Wife POD Child                                  $ 250,000

Husband POD Wife                             $ 250,000

Wife POD Husband                             $ 250,000

CERTAIN RETIREMENT ACCOUNTS:

Husband                                              $ 250,000

Wife                                                    $ 250,000

                                                           $2,500,000

* Joint accounts with rights of survivorship

HUSBAND, WIFE and two children:

INDIVIDUAL ACCOUNTS:

Husband                                              $ 250,000

Wife                                                    $ 250,000

JOINT TENANCY: *

Husband & Wife                                  $ 500,000

PAYABLE ON DEATH ACCOUNTS (POD):

Husband POD 2 Children                    $ 500,000

Wife POD 2 Children                          $ 500,000

Husband POD Wife                            $ 250,000

Wife POD Husband                            $ 250,000

CERTAIN RETIREMENT ACCOUNTS:

Husband                                             $ 250,000

Wife                                                   $ 250,000

                                                          $3,000,000

* Joint accounts with rights of survivorship

PARENT AND one child:

INDIVIDUAL ACCOUNTS:

Parent                                                $ 250,000

PAYABLE ON DEATH ACCOUNT (POD)

Parent POD Child                              $ 250,000

CERTAIN RETIREMENT ACCOUNTS:

Parent                                                $ 250,000

                                                          $750,000

“The ownership categories shown above have specific requirements that must be met in order to receive the coverage indicated. Failure to meet these requirements will result in funds being aggregated, and insured to the maximum. Information on these requirements should be obtained from NCUA at their website address:  www.ncua.gov “